Wall Street’s Brutal Job Cuts Are About To Get Much Worse
Job cuts in the financial sector have been brutal but they’re about to get worse as investment banks deal with overcapacity.
In the first seven months of the year 26,352 employees were let go putting the financial sector fifth on the list of industries with the most job cuts. Roughly 6,000 of those came in the month of July withMorgan Stanley and Citigroupcutting more than 5,500 positions this year.
So when is it going to get better? Not anytime soon. In fact, those numbers are going to go up before they come down. Here’s why.